凤凰网科技讯1月14日，小米汽车官方发布答网友问(第206集)。针对"新一代小米SU7要4月份才正式上 市，为什么现在就公布了？"的问题，官方称，买车是件"大事"，提前3个月公布小米SU7改款消息可以 给大家预留更多的时间来比较、体验和购买产品。此外，在新一代小米SU7公布预售之后，就可以拆除 测试车的重伪装，进行更加严密的道路测试验证。 关于新一代小米SU7疑似取消中控物理按键，官方称新一代小米SU7仍然保留了中控物理按键。并且按 照横向排布，更符合直觉，不占用驾驶注意力。 ...

Market Performance - On January 14, the Hang Seng Index rose by 0.56%, closing at 26,999.81 points, with a net inflow of HKD 28.65 billion through the southbound trading channel [1] - The total trading volume for the southbound trading on January 14 was HKD 1,606.16 billion, with a net buying amount of HKD 28.65 billion [1] Stock Activity - In the Shanghai-Hong Kong Stock Connect, Alibaba-W had the highest trading volume at HKD 165.92 billion, followed by Tencent Holdings and SMIC with trading amounts of HKD 40.03 billion and HKD 29.60 billion, respectively [1] - Tencent Holdings recorded a net buying amount of HKD 12.24 billion, while China Mobile had the highest net selling amount of HKD 9.13 billion, closing down by 0.19% [1] Shenzhen-Hong Kong Stock Connect - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W also led with a trading volume of HKD 87.98 billion, followed by Tencent Holdings and Alibaba Health with trading amounts of HKD 25.24 billion and HKD 22.69 billion, respectively [2] - Alibaba Health had the highest net buying amount of HKD 11.61 billion, with a closing increase of 18.96% [2] ETF Performance - The Food and Beverage ETF (Product Code: 515170) has seen a decrease of 0.71% over the past five days, with a price-to-earnings ratio of 20.06 times and a net redemption of HKD 40.35 million [4] - The Gaming ETF (Product Code: 159869) increased by 10.84% over the past five days, with a price-to-earnings ratio of 43.58 times and a net redemption of HKD 180 million [4] - The Sci-Tech 50 ETF (Product Code: 588000) rose by 3.88% over the past five days, with a price-to-earnings ratio of 176.27 times and a net subscription of HKD 620 million [4] - The Cloud Computing 50 ETF (Product Code: 516630) increased by 17.69% over the past five days, with a price-to-earnings ratio of 104.56 times and a net redemption of HKD 11.55 million [5]

（原标题：小米集团-W(01810.HK)连续2日回购，累计斥资3.03亿港元） 证券时报•数据宝统计，小米集团-W在港交所公告显示，1月14日以每股37.720港元至37.800港元的价格 回购400.00万股，回购金额达1.51亿港元。该股当日收盘价37.780港元，下跌0.53%，全天成交额66.98 亿港元。 自1月13日以来公司已连续2日进行回购，合计回购800.00万股，累计回购金额3.03亿港元。 其间该股累 计下跌2.48%。 今年以来该股累计进行7次回购，合计回购2855.00万股，累计回购金额10.93亿港元。（数据宝） 小米集团-W回购明细 | 日期 | 回购股数 （万股） | 回购最高价 （港元） | 回购最低价 （港元） | 回购金额 （万港元） | | --- | --- | --- | --- | --- | | 2026.01.14 | 400.00 | 37.800 | 37.720 | 15109.00 | | 2026.01.13 | 400.00 | 38.040 | 37.940 | 15200.88 | | 2026.01.09 | 400.00 | 37.920 ...

证券时报 数据宝统计，小米集团-W在港交所公告显示，1月14日以每股37.720港元至37.800港元的价格 回购400.00万股，回购金额达1.51亿港元。该股当日收盘价37.780港元，下跌0.53%，全天成交额66.98 亿港元。 自1月13日以来公司已连续2日进行回购，合计回购800.00万股，累计回购金额3.03亿港元。 其间该股累 计下跌2.48%。 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2026.01.14 | 400.00 | 37.800 | 37.720 | 15109.00 | | 2026.01.13 | 400.00 | 38.040 | 37.940 | 15200.88 | | 2026.01.09 | 400.00 | 37.920 | 37.740 | 15132.64 | | 2026.01.08 | 500.00 | 38.160 | 38.040 | 19057.99 | | 2026.01.07 | 390.00 | 38.200 ...

来源：小米汽车 01 新一代小米SU7要4月份才正式上市，为什么现在就公布了？ 首先，我们认为买车是件"大事"，提前3个月来公布小米SU7改款的消息可以给大家预留更多的时间来比较、体验和购买产品。 此外，在新一代小米SU7公布预售之后，我们就可以拆除测试车的重伪装，进行更加严密的道路测试验证。新一代SU7基于第一代SU7的架构进行升级，目 前测试验证工作依然在同步进行中。截至新一代小米SU7正式上市并交付时，小米SU7车系的累计路测总里程预计将超过1500万公里（包含第一代SU7）。 小米SU7在各类工况及社会道路测试验证中，历经了从-30℃极寒到50℃极热的环境考验，并覆盖了高原、城市、乡村、高架、山路、国省道等几乎所有的行 车工况。新一代SU7，我们有信心继续为大家带来更加安心可靠的体验。 更多关于新一代SU7的消息，请您持续关注小米汽车官方信息。 02 小米SU7为什么要等2年才改款换代？ 第一代小米SU7产品力一直很强，所以销量和用户满意度一直很高，新一代SU7要全面超越第一代SU7，我们需要做更全面的测试和调校，以确保新一代小 米SU7既能延续经典，也能给用户带来更出色的用车体验。希望大家多多支持本 ...

Core Insights - The Chinese AI glasses market is entering a new phase after the "Hundred Glasses War" in 2025, with significant developments expected in 2026 as major players like Baidu and ByteDance join the competition [1][2] - Global market dynamics are shifting, with Meta maintaining a dominant position, while Google and Apple are also making strategic moves to capture market share [1][6] Investment and Financing - Companies like Thunderbird Innovation and Flash Technology have recently secured significant funding, indicating strong investor interest in the AI glasses sector [3][4] - Thunderbird Innovation raised over 1 billion yuan, while Flash Technology completed a financing round of nearly 100 million yuan to support the development of new AI glasses [3] Market Dynamics - The AI glasses market is expected to experience explosive growth in 2026, driven by successful commercialization efforts from companies like Ray-Ban Meta and the anticipated entry of tech giants like Apple and Samsung [5][6] - The global AI smart glasses market is projected to grow from 6 million units in 2025 to 20 million units in 2026, with revenue increasing from $1.2 billion to $5.6 billion [9] Competitive Landscape - The entry of major internet and mobile companies is intensifying competition, leading to potential market share erosion for existing players while also creating opportunities for startups [8][9] - The current consumer base for AI glasses primarily consists of early adopters, and the market has yet to establish a strong "must-have" demand [4][5] Technological Advancements - The introduction of eSIM technology is seen as a significant step towards making AI glasses independent devices, enhancing their functionality beyond being mere accessories [3] - Improvements in product quality and user experience are critical for retaining customers, as many users currently engage with AI glasses primarily out of curiosity [4][5] Ecosystem Development - Google is actively working on building an Android XR ecosystem through partnerships with companies like Qualcomm and Samsung, aiming to create a robust hardware ecosystem for smart glasses [6][7] - The ongoing development of the Android XR ecosystem is expected to foster innovation and application expansion in the smart glasses market, although widespread adoption may take time [7][8]

Company News - CITIC Securities (06030.HK) reported a revenue of RMB 74.83 billion for the fiscal year 2025, representing a year-on-year increase of 28.75%, and a net profit of RMB 30.05 billion, up 38.46% year-on-year [2] - CITIC Bank (00998.HK) announced a total revenue of RMB 212.48 billion for 2025, a slight decrease of 0.55% year-on-year, while net profit increased by 2.98% to RMB 70.62 billion [2] - Beijing North Star Industrial (00588.HK) expects to continue reporting losses for the fiscal year ending December 31, 2025 [3] - Yuexiu Property (00123.HK) reported a cumulative contract sales amount of approximately RMB 106.21 billion for 2025, a decline of about 7.3% year-on-year, achieving 88.1% of its sales target [3] - Jiao Ge Peng You Holdings (01450.HK) achieved a total GMV of approximately RMB 6.49 billion in Q4 2025, a year-on-year increase of about 4.34%, with a cumulative GMV of RMB 16.02 billion for the year, up 6.23% [3] - Sai Jing Technology (00580.HK) anticipates a revenue of approximately RMB 2.25 billion for 2025, reflecting a year-on-year increase of about 40% due to increased revenue from flexible transmission business [3] - China General Nuclear Power New Energy (01811.HK) reported a cumulative power generation of 19,000 GWh for 2025, a decrease of 0.8% year-on-year, with variations in different energy sources [3] - Morning News Technology (02000.HK) reported an unaudited revenue of HKD 397 million for 2025, a decrease of 7.4% year-on-year [3] Financing and Buyback Activities - Chow Tai Fook Enterprises (00659.HK) applied for the registration of debt financing instruments totaling no more than RMB 5 billion [7] - Tencent Holdings (00700.HK) repurchased 1.006 million shares at a cost of approximately HKD 636 million, with repurchase prices ranging from HKD 626 to HKD 638 [7] - Xiaomi Group-W (01810.HK) repurchased 4 million shares for approximately HKD 151 million, with repurchase prices between HKD 37.61 and HKD 42.50 [7] Research and Development - Hutchison China MediTech (00013.HK) announced the publication of SACHI III study results in The Lancet [4] - Laka Pharmaceuticals-B (02105.HK) had its clinical trial application for the new drug LAE118 accepted by the U.S. FDA [5] Other News - Yuanxu Technology (08637.HK) announced a short suspension of trading starting January 14, pending the release of insider information [6] - Haidilao (06862.HK) redeemed USD 600 million of its 2.150% notes due in 2026 [2]

Core Insights - The overseas expansion of Chinese manufacturers continues, but the competitive strategies and target price segments are undergoing significant changes [1][2][4] - The global smartphone industry is entering a new structural adjustment cycle, driven by rising storage chip prices and supply chain costs [1][6] Market Trends - According to IDC, global smartphone shipments are projected to grow by 2.3% year-on-year in Q4 2025, reaching 1.26 billion units, with an annual growth of 1.9% [1] - The growth is primarily driven by high-end models, foldable phones, and consumers' anticipation of future price increases [1][2] - Apple and Samsung are the fastest-growing manufacturers among the top five, with year-on-year growth rates of 6.3% and 7.9%, respectively, increasing their combined market share to 39% from 37% in 2024 [2] Competitive Landscape - Chinese manufacturers are facing structural pressures as the market shifts towards higher price segments, which have traditionally been their stronghold in overseas markets [2][4] - Honor is noted as the fastest-growing Chinese manufacturer overseas, with a year-on-year growth of approximately 55% in the first three quarters of 2025, focusing on the $300 to $500 price range [4][5] - Other Chinese brands like OPPO and Xiaomi are also adjusting their strategies to target mid-range markets, with OPPO moving from entry-level products to more mid-range offerings [5] Cost and Supply Chain Challenges - The uncertainty in 2026 is largely centered around costs and supply chain issues, particularly the volatility in storage prices [6][7] - Counterpoint Research predicts a 40% to 50% increase in storage chip prices in Q1 2026, with further increases expected in Q2 [6] - The rising costs of components are significantly impacting the pricing and sales of low-end models, making the business model for sub-$100 devices increasingly fragile [7]

Core Viewpoint - Imitation is a fundamental basis for innovation, and successful companies often engage in significant imitation of others while also incorporating their own innovations [1]. Group 1 - The progress of industries and social development is driven by intelligent individuals and companies that inspire each other through imitation and micro-innovation, leading to mutual advancement [1]. - Imitation, learning, and benchmarking are normal practices in business, and there is no need to stigmatize them [1]. - In response to rumors regarding competitors evaluating the Pro Max model, it was stated that benchmarking is a common business strategy, with major companies like Apple and Google also engaging in substantial buying and copying [5].

小米集团-W(01810)发布公告，于2026年1月14日，该公司斥资1.51亿港元回购400万股。 ...